Article Title: 'The Determinants of UK Business Cycles' by Allison Holland and Andrew Scott

File size: 31KB

Description of data:

This file accompanies PUBDAT.DAT, an ASCII file which contains the data used
in 'The Determinants of UK Business Cycles', Allison Holland and Andrew Scott.
The dataset consists of data from the Office of National Statistics (ONS) and
from International Financial Statistics (IFS) and various transformations of
that data. There are data series. The data is quarterly and the sample period
covers 1965Q1 to 1994Q4. A 'NA' indicates that the data was unavailable. 3
variables have short sample periods (beginning 1970Q1) : RS - the short-run
interest rate; M0 - the measure of narrow money and M6T - a G7 trade indicator.
The data is filed variable by variable in the following order:

AHRS Average weekly hours in manufacturing (deindexed)
CPC Per capita consumption (less consumption of durables)
EMP Employees in employment (including self employed and HMT forces)
IPC Per capita investment
KPC Per capita capial stock
KUPC Per capita utilised capital stock (derived using CBI survey, see
Minford, Wall & Wren-Lewis (1988), 'Manufacturing capacity: a measure
derived from survey data using the Kalman filter', NIESR discussion
paper, No 146.
[Note: We discuss this measure and the associated measure of the
productivity shock (SOLPC2) in an earlier version of the paper
published in the CEPR discussion paper series, No 1409]
LGC Log of government consumption
LGE Log of government expenditure
LIMFWT Log of index of volume of imports with world excluding UK
LM4 Log of broad money
LM0 Log of narrow money
LPGDP Log of GDP deflator
LPOIL Log of spot price of oil (in sterling)
LROIL Log of spot price of oil (in sterling) deflated by GDP deflator
LRPISA Log of seasonally adjusted RPI
LRS Log of short-run interest rate
LTAW Log of proportion of tax receipts to GDP
LTAX Log of total tax receipts
LTHPC Log of total hours worked as a proportion of the time endowment
(assumed to be 16 hours a day)
LTOT Log of terms of trade
LM6T Log of index of volume of imports of G7 excluding UK
POWA Population of working age (used to derive per capita quantities)
PREF Derived preference shift
SOLPC Derived productivity impulse
SOLPC2 Derived productivity impulse using utilised capital stock (KUPC)
YPC GDP per capita (adjusted for North Sea Oil production (by 0.983%))

Further details on the data and the sources used are reported in the paper's
Data Appendix.

NOTE: The data has not been updated since 1995Q2 and so does not take into
account any revisions which the ONS may have subsequently made.

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Holland.exe (31KB)